NB Distressed Debt Investment Fund has raised USD197.2m and unconditional dealings in its ordinary shares will commence trading on the Specialist Fund Market of the London Stock Exchange today.
NB Distressed Debt Investment Fund is a closed-ended investment company incorporated in Guernsey.
The company is managed by Neuberger Berman Europe, an indirect wholly-owned subsidiary of the Neuberger Berman Group.
The company intends to invest the IPO proceeds in approximately 40 to 50 holdings diversified across distressed, stressed and special situations investments, with a focus on senior debt backed by hard assets to attempt to limit downside risk. At least one third of the proceeds are expected to be invested in the first one to three months following listing, with the aim to be fully invested in three to nine months.
NB Distressed Debt Investment Fund is the seventh issuer admitted to the market and the third fund to seek admission to the SFM in 2010.
The two other funds admitted this year are: Damille Investments, the closed-ended fund which raised GBP32.5m at admission on 30 March 2010; and HarbourVest Global Private Equity, the second Euronext Amsterdam fund to list on the SFM and was admitted to market on 12 May.
